The asset has continuously secured new gains for investors as it keeps surging to impressive price levels. Although things are cooling for the altcoin, its periodic surges show that market bulls are still interested in moving the price to greater highs. The digital asset’s new network currently has many stakes, with over 3 million ETHs staked on the network by numerous people.
Investors are now showing immense interest in Ethereum since its first phase launch of 2.0 in December. Grayscale, a crypto asset management firm, recently purchased over $93 million worth of the asset, showing that institutional adoption for the cryptocurrency is inevitable with the current market structure.
Ethereum attains an ATH
Some new charts show that the digital asset reached $1,817, which is currently the asset’s highest value. Ethereum seems to be following Bitcoin’s move as both cryptocurrencies are very close to their all-time highs, unlike other coins that have failed to move significantly to their peak. The new gain is a welcome development, after just some days ago where Ethereum recorded another ATH.
The bulls are working hard to push the asset towards the $2,000 mark. The asset’s current resistance level holds with at $2,100, $2,200, and $2,300 price marks. The current support level holds at $1,500, $1,400 and $1,300. The asset, which recently reached its peak, saw a slight 3% correction, which leaves it around $1,790 when it declined from its ATH.
Some indications show that the price might continue on the bearish phase, and the price drop would touch its closest support around the $1,500 mark. Although the asset struggles to take $2,000, investors might see more drastic value loss if bear activities intensify. The support level has to hold the current value tightly to prevent the asset from starting a bear run.
Charts suggest that if the asset manages to take the $1,900 by the day’s end, the asset will keep bears at bay. Fortunately, Ethereum’s 9-day MA is having a positive outlook as it gives the bulls needed support to move towards the $2,000 resistance level.
The crypto’s support level remains vital
Based on charts, the asset’s support is the only factor that would hold it against significant price losses. The moving average and the current support must commit so that the price would not decline towards the $1,600 and $1,500 ranges, initiating a continuous bearish market. The crypto has to stay above the lower boundary or risk hitting support levels as it goes downwards.
Fortunately, the currency is presently above its 9-day and 21-day moving averages, and this current outlook might help Ethereum assure the upper boundary’s upper level. Experts believe that if the price moves closer to the $1,900 level, it will bring in more investors who believe in a breakout.
The new buyers would make the next significant resistance point, which is $2,100, attainable as more money flows into the space. Its current RSI(21) position shows that it’s above the 75-level, which could mean drastic price drops in the future.
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